Home Crisis Casts Its Net Wide
The subprime mortgage meltdown here looks like it’s having a knock-on effect on my compatriots back in London, according to today’s Financial Times, which reports:
“The global market turmoil unleashed by the US subprime collapse is threatening activity levels at banks in the City [the capital's financial center], and London property agents are warning that high-end residential prices could suffer as a result.”
Closer to home my sister-in-law is also feeling the effects of the turndown. Her Victorian house in Chicago (above) has been on the market for a few weeks and has not attracted any takers yet. There are many other homes also for sale in her neighborhood and open-house visitors are all too aware that it’s a buyers’ market right now.
But it’s a great home with lashings of style, so if you’ve stumbled onto this blog by mistake and are in fact looking for a home in Chicago, go see it.
If more evidence were needed of what’s being termed a “crisis”, look no further than the blogosphere which is sprouting “housing crash” blogs by the day. Thanks to a Redfin Forum reader I found Patrick.net, a real estate news blog which cautions: “Buy a house, if you must”, and lists dozens of sites bemoaning the state of play.
Gloom and doom indeed.
